Marseille-based GravitHy, a sustainable iron company, has completed a €60M funding round.
The investment attracted new backers, including Japan Hydrogen Fund, Marcegaglia, Ecolab (through Nalco Dutch Holding), Rio Tinto, and Siemens. Existing investors Engie New Ventures and InnoEnergy also contributed additional funding.
Keiichi Suzuki, Japan Hydrogen Fund’s Partner and Head of Renewables & Sustainability, says, “We are very proud of being a part of GravitHy’s investors, to support one of the most important European “Green steel projects”.”
“The steel industry is the biggest emitter in industry, and AP is committed to reducing emissions in the “hard to abate” sectors. Also, AP is fully committed to bringing “Japan’s value” to large European projects through the Japan Hydrogen Fund’s network in Japan. I hope Euro-Japan collaboration will be strongly enhanced through this investment.”
Decarbonising the steel industry
GravitHy mentions in a statement that iron making, the step before steel production, accounts for over 80 per cent of the industry’s CO2 emissions.
Since iron and steel production contributes about 8 per cent of global carbon emissions, the sector needs new technologies, process changes, and infrastructure improvements to reduce its environmental impact.
GravitHy is working on low-carbon iron solutions to help the steel industry transition to lower emissions.
Founded in 2022, the company plans to establish direct reduced iron (DRI) and hot briquette iron (HBI) as globally traded commodities, creating new supply chains.
GravitHy intends to provide steelmakers with a solution for producing green steel without requiring significant investments in the full hydrogen-based direct reduction (H2-DRI) process.
The company benefits from European policies promoting industrial independence and carbon reduction, as well as initiatives like the Clean Industrial Deal and Steel & Metals Transition Plan, which support the growing demand for low-carbon materials.
Capital utilisation
GravitHy will use the funds to finance its action plan, with a final investment decision targeted for 2026. The funds will support contract agreements, engineering completion, permit acquisition, and talent recruitment.
The company is also engaging with potential investors to support future growth.
José Noldin, GravitHy CEO, says, “We are thrilled by the confidence our diverse investors have shown in GravitHy. Collaboration is key to disrupting the steel value chain, and we are proud to welcome these incredible partners who share our vision, values, and development goals.”
“Their support accelerates our flagship project in Fos-sur-Mer, creating jobs, driving technological progress, and setting a blueprint for a resilient, decarbonised, and sovereign European steel industry.”
Diego Pavia, CEO of InnoEnergy, adds, “We are delighted that GravitHy has reached this important milestone in their growth plan. Bringing in strategic investors from across the green steel value chain will help ensure demand for GravitHy’s low-carbon iron is secured from the get-go.”
“This successful funding round is further proof that there is momentum for green industrial projects set to be a key driver of both economic growth and industrial decarbonisation in Europe.”
What’s next for GravitHy?
GravitHy plans to commission its plant by the end of 2028, creating up to 500 direct jobs with a total investment of €2.2B.
The facility, located on a 75-hectare site in the industrial zone of Fos-sur-Mer, France, will produce 2 million tons of Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) annually.
The plant will use on-site green and low-carbon hydrogen, supported by an electrolyser capacity of approximately 750 MW, the largest in France and among the largest globally.
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